I wonder why nobody has gone to jail. I wonder why there have been no trials. I wonder why there have not been any charges filed. What happened?
Was it not obvious to everyone that banks colluded with rating agencies to create trillions of dollars worth of nearly worthless derivatives based upon mortgages that they new would default. Again I ask , why have there been no trials, no charges or even any significant changes in the system.
To their credit , or shame , congress did act in 2009. They destroyed the appraisal industry and put it in the hands of the very banks they were trying to protect us from. As a result , the appraisal you receive now is very likely from the lowest bidder who is also the least experienced appraiser that could be found. The process now takes twice as long and costs the consumer more money than before. Thanks for nothing.
Meanwhile , rating agencies who magically turned coal into gold with the help and guidance of major investment banks are still doing business the same exact way they were prior to the crash. Bonds and derivatives are sent to these agencies for a rating and the bank that created the bond or derivative pays for the rating. Is there really any wonder to what happened. Is there any doubt that it will absolutely happen again because there is money to be made at the expanse of us all.
It is pretty clear who holds the power in this country, those with all the money make all the rules. They can defraud the entire world out of trillions of dollars without repercussion or consequences , they can get us to give them money to stay in business and keep congress from changing any of the rules that caused the crisis. Meanwhile , they vote themselves multi-million dollar bonuses because they are so smart.
This is America where fair play and justice prevail, so I still wonder-- why has nobody gone to jail?
